What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted
third party.
cryptographic 加密的
transact 交易
Transactions that are computationally impractical to reverse would protect sellers from fraud, and routine escrow mechanisms could easily be implemented to protect buyers.
computationally 计算地
impractical 不切实际的
reverse 逆转
routine 常规的
escrow 第三方托管
mechanism 机制
implement 实现
In this paper, we propose a solution to the double-spending problem using a peer-to-peer distributed timestamp server to generate computational proof of the chronological order of transactions.
propose 提出
distributed 分布式
chronological 时序性的
The system is secure as long as honest nodes collectively control more CPU power than any
cooperating group of attacker nodes.
collectively 总体上
- Transactions
We define an electronic coin as a chain of digital signatures. Each owner transfers the coin to the next by digitally signing a hash of the previous transaction and the public key of the next owner and adding these to the end of the coin.
electronic coin 电子货币
a chain of 一连串的
the public key 公钥
A payee can verify the signatures to verify the chain of ownership.
payee 收款人
verify 校验
ownership 所有权
The problem of course is the payee can't verify that one of the owners did not double-spend the coin. A common solution is to introduce a trusted central authority, or mint, that checks every transaction for double spending.
authority 权威
central authority 中央机关
mint 造币厂
After each transaction, the coin must be returned to the mint to issue a new coin, and only coins issued directly from the mint are trusted not to be double-spent. The problem with this solution is that the fate of the entire money system depends on the company running the mint, with every transaction having to go through them, just like a bank.
fate 命运
the entire money system 整个货币体系
go through 经过
We need a way for the payee to know that the previous owners did not sign any earlier transactions. For our purposes, the earliest transaction is the one that counts, so we don't care about later attempts to double-spend. The only way to confirm the absence of a transaction is to be aware of all transactions.
absence 缺席
be aware of 确认
In the mint based model, the mint was aware of all transactions and decided which arrived first. To accomplish this without a trusted party, transactions must be publicly announced [1], and we need a system for participants to agree on a single history of the order in which they were received. The payee needs proof that at the time of each transaction, the majority of nodes agreed it was the first received.
publicly announce 公开宣布
participant 参与者
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